In This Story
The Dow climbed and the dollar weakened early Monday following the news that President-elect Donald Trump has tapped Wall Street’s Scott Bessent to be his next Treasury Secretary.
Dow futures were up 285 points Monday morning, while S&P 500 futures inched up 0.49% and the Nasdaq rose 0.57%. Meanwhile, one measure of the U.S. dollar dropped as much as 0.6%.
Bessent, founder of Key Square Capital Management and a former Soros Fund Management executive, was a popular choice for the influential role among Trump’s advisers. The 62-year-old executive has expressed support for a number of key proposals around taxes and tariffs, but is expected to bring a more measured approach to economic policies.
In an interview with Fox Business early this month, Bessent said that the priority of the incoming Trump administration should be to extend or make permanent the Tax Cuts and Jobs Act, which would benefit corporations. The Trump-era legislation, which slashed the corporate tax rate from 35% to 21%, is set to expire in 2025.
Bessent has also shown he is aligned with with the president-elect on a number of economic policies, including his stance on cryptocurrency.
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party,” Bessent said in June. “Crypto is about freedom and the crypto economy is here to stay.”
In an op-ed in The Wall Street Journal (NWSA-0.20%) following the election, Bessent touted markets’ positive response to Trump’s win.
“Asset prices are fickle, and long-term economic performance is the ultimate measuring stick,” Bessent wrote. “But recent days prove markets’ unambiguous embrace of the Trump 2.0 economic vision. Markets are signaling expectations of higher growth, lower volatility and inflation, and a revitalized economy for all Americans.”
